1 Yes...but your muzzle velocity is marginal at best for +400y
2 perhaps a handload/custom load in the 165-180gr range of sst/eldm.
3 a lighter projectile will provide a slightly flatter trajectory at short ranges and a lot more shock/trauma but be less effective at longer ranges.
4 What do you want to do with it hunting wise? you could drive a 110-130gr TTSX pretty fast and be very effective 0-350y.....you could run the eldm or sst or berger if you wanted to reach out but realistically you now have a 308 at best balisictly speaking....hand-loading could definitely improve it tho.
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